The Hindu Business Line : `Zooms' on fund interest

IN an otherwise volatile market, media and entertainment stocks Zee Telefilms and Sri Adhikari Brothers Television, stood firm ending the day in positive territory. While fund interest propped up the counter of Zee Telefilms, there is talk of some significant corporate development in the offing with SAB TV.

Dealers said that given that Reliance Mutual Fund is looking at launching a media fund, it is reportedly mopping up media stocks. The stock of Zee Telefilms ended the day at Rs 128.90, up 1.38 per cent, with around 13.12 lakh shares traded on the BSE. On the NSE, the stock ended at Rs 128.30, up 0.98 per cent, with around 20.37 lakh shares traded.

The stock of Sri Adhikari ended the day at Rs 59.30, up 1.28 per cent, with around 64533 shares traded on the BSE. On the NSE, the stock ended at Rs 59.75, up 1.62 per cent, with around 1.18 lakh shares traded.

Block deal ups volumes

A huge block deal at the counter of Cummins India saw volumes touch around 89.32 lakh shares on the BSE on Friday.

Dealers speculate that the block deal could be the result of an inter-scheme transfer between funds. While there were no confirmed report one of the names being thrown about was that of Morgan Stanley.

The stock ended at Rs 109.80, down 1.44 per cent, with around 89.32 lakh shares traded on the BSE. On the NSE, it ended at Rs 109.75, down 1.22 per cent, with around 1.91 lakh shares traded.

Dampens sentiment

Propelled by the Government statement that it is going to review the Electricity Act 2003, the stocks of Tata Power, Reliance Energy and BHEL entered negative territory.

Dealers said that concern over the fact that the June 10 deadline for the restructuring of SEBs will now be extended, coupled with the issue of cross-subsidies, had dampened sentiment at these counters. Domestic and foreign funds reportedly pared their exposure in power stocks. Names such as HDFC Mutual Fund and Reliance Mutual Fund were talked about.

The stock of Tata Power ended at Rs 274.90, down 7.24 per cent, with around 15.26 lakh shares traded on the BSE. On the NSE, the stock ended at Rs 275.10, down 7.22 per cent, with around 28.94 lakh shares traded. The stock of Reliance Energy ended the day at Rs 494.10, down 8.01 per cent, with around 8.99 lakh shares traded.

Dumping duty pressure

The imposition of anti-dumping duties on the makers of Indian graphite electrodes by the European Union saw the stock price of Graphite India and HEG come under pressure.

While the stock of Graphite India weakened by 5.6 per cent to end the day at Rs 77.80 on the BSE, that of HEG ended the day weaker by 3.44 per cent on the BSE at Rs 68.80.

Deeptha Rajkumar

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